Coronavirus concerns close Nordstrom HQ in Seattle

Retailer warns its first-quarter results would be 'significantly' hurt

International Council of Shopping Centers CEO and President Tom McGee says the federal government needs to provide monetary aid to the retail industry and discusses why he is worried about the future of the sector as a whole.

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Nordstrom has temporarily shut down its corporate headquarters in Seattle due to the spread of the coronavirus in the area, the retailer said in a filing on Wednesday.

The department store chain operator also warned that its results for the first quarter and beyond would be "significantly" hurt by the fallout from the pandemic.

Nordstrom is also looking to raise $500 million in the bond market to bolster liquidity, securing the new bond against a newly established property company with $1 billion-$1.1 billion of real estate assets, IFR, Refinitiv's capital markets publication reported earlier in the day.

The company has also drawn down $800 million from its existing credit line.